Beneficial Ownership Reporting Guidance Released by FinCEN

On 24 March 2023, the US Financial Crimes Enforcement Network (FinCEN) issued the first installment of its guidance materials to assist the public in understanding beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) that will enter into force on 1 January 2024.

The new regulations require many corporations and other entities created in, or registered to do business in, the United States to report to FinCEN information about the persons who ultimately own or control the company (their beneficial owners).

Educational materials now available on FinCEN’s beneficial ownership information reporting webpage include:

• One page overviews of Key Questions and Reporting Dates;
• Frequently Asked Questions;
• a Short Introductory Video; and
• and a more detailed Informational Video about BOI.

Additional guidance will be published in the coming months.

According to its news release, FinCEN will not be accepting any beneficial ownership information before 1 January 2024.